FHA HUD REO Appraisals

[tmon43]

We sketch anything related to the "home" only. We do NOT add sketch 's of sheds, ect, but we note the size and include photos of them in the report.

If a pool is in a patio or deck that is attached to the home, we will include it in the sketch.

The current and past M&M contractor for our area has never said anything about the way we do our sketches.

Plus if you go back to the 4150.2 this is the only line I can find about a sketch.The only thing I can find about shed ect. has to do with Lead based paint.

Make them show you something in writing from HUD that has to deal with sketching outbuildings and pools. If they come up with something, I need to see it also.

4150.2 D-13 The appraiser must include propery sketch including exterior dimensions of house, patios, porches, garages, breezeways and other offsets.
This is why they claim I need to include detached garages, evidently they don't comprehend that these are referredng to structures attacehd to the dwelling. I can't seem to make them understand.
I have never dealt with such fools

 

[Mr Rex]

4150.2 D-13 The appraiser must include propery sketch including exterior dimensions of house, patios, porches, garages, breezeways and other offsets.
This is why they claim I need to include detached garages, evidently they don't comprehend that these are referredng to structures attacehd to the dwelling. I can't seem to make them understand.
I have never dealt with such fools

I am reminded of the "not the hill I want to die on" edict.

 

[Anitaihale]

hey renee PM me...I tried to PM and got this message..Renee Borne has exceeded their stored private messages quota and can not accept further messages until they clear some space

 

[jay trotta]

this is now the begining of the Nonsense part of the business; Appraisers will now get lost in the stupidity of this business; it's called "Lender Pressuer" French for diverted to an area(s) of the report that have absolutely nothing to do with Value or Common sense.

I'd like ta try Door number three, whats behind it ??

 

[RSW]

I always provide the detached garages in my sketches no matter if it is for FHA or conventional lending. How are you going to calculate the cost approach if you don't have the measurement. If you are measuring it when you are out in the field, why not provide it in the sketch. What does it take, about 30 seconds to draw a rectangle? It also make your sketch look better too!

 

[jay trotta]

Cost Approach is for Insurance purposes only and has been so noted - check the myriad of threads on this issue.

 

[Greg Bell]

Is anyone here doing them?

About 8 years.Many changes as time went on...

 

[tmon43]

I always provide the detached garages in my sketches no matter if it is for FHA or conventional lending. How are you going to calculate the cost approach if you don't have the measurement. If you are measuring it when you are out in the field, why not provide it in the sketch. What does it take, about 30 seconds to draw a rectangle? It also make your sketch look better too!

It is not the time issue, the issue is where does it stop. Next they have you add sheds, pools, decks, pump house, barns etc. The FHA handbook says to include a sketch of the dwelling. It then goes on to say add porches, patios, garages, breezeways and other offsets. To me the second sentence expands on the first and implies attached structures. Yesterday I received a revision request to include the basement garage on the sketch. So now I guess I should just roll over and start sketching basements as well. And while I am at it should I include fences and retaining walls? Barbecues, Gazebos, and why not ponds? Picnic shelters? Dog houses?

 

[Alison Swain]

Oh sweet Jesus, yer not serious . . . . . are you?

If you are, REO means "Real Estate Owned", or lender owned or foreclosed properties.

This is not the way we treat one another in civilized society, Caveman. As the saying goes, "There are no stupid questions, only stupid answers."

People come here to learn and graciously share their knowledge. If you come here with an open mind, you will learn a tremendous amount. The better human beings here understand that everyone is new at some point and that we all make mistakes --- even big ones!

Yes, there are a few here with genuinely bad attitudes; they will reveal themselves soon enough. Try not to be one of those --- they're talked about and laughed at mercilessly in PM's. :icon_lol:


I see that you are a newbie as well. Welcome! You'll probably get "the business" for a while, but it will subside.

 

[saemmons]

Oh sweet Jesus, yer not serious . . . . . are you?

If you are, REO means "Real Estate Owned", or lender owned or foreclosed properties.

Hey Ronnie,

We cannot all be as perfect as you. I have done Real Estate Owned appraisals before, but I am a new member on this forum and did not know what the initials stood for. My orders never read "REO", sorrrrrry. You know we are all we have as resources, it is not nice to put down fellow appraisers, we can all help each other in different ways in the future.